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Genesis Mining wasgoed founded ter 2013. It presently wields mining farms located te Europe, America and Asia but precies locations are not known to the general public due to security reasons.
Genesis Mining is the most see-through cloud mining company and not a scam.
Hashing24 and GM are the only two cloud mining companies wij are even willing to write about.
It is arguably the largest and most popular cloud mining provider for Bitcoin, Ethereum, and other coins.
It has even registered with the SEC for a Bitcoin mining fund. Free bitcoins you can get here.
Note that this does not mean Genesis Mining is profitable, but means that Genesis Mining honestly provides the services it offers.
It is significant to note that thesis mining contracts are life time contracts, meaning they do not have a maturity date and spil long spil the contract is profitable you will proceed to mine and receive payouts.
How Does Genesis Mining Work?
Genesis Mining, according to their webstek, is an effortless and safe way to purchase hash power without having to overeenkomst with the complicated hardware and software set up.
Genesis Mining specializes te building the most efficient and reliable mining equipments that they offerande to their clients for rent.
All you need to do is set up an account with them to begin mining.
After signing up, fund your account via Bitcoin, PayPal, credit card, or wire transfer, and then choose the mining project that’s best for you.
For rookies you can begin with a 100 GH/s (Gold) lifetime Bitcoin mining contract which will cost you $Nineteen. It will help you ter understanding how cloud mining works and what the profitability might be.
If that proves to be puny you can attempt the Two,000 GH/s (Platinum) lifetime Bitcoin mining contract and this will cost you $340.
The third and the largest is the Ten,000 GH/s (Diamond) lifetime Bitcoin mining contract which will cost you $1,600.
What Coins Can You Mine?
Genesis mining makes it possible for you to earn different coins but it is dependent on which contract you buy.
Let us now look at different contracts and the different coins you can mine spil of June 2016.
For X11 contracts you can mine the following coins: Bitcoin, Litecoin, Dogecoin, Dash, Peercoin, Startcoin and Namecoin.
For SHA-256 contracts you can mine the following coins: Bitcoin, Litecoin, Dash, Zetacoin and Darkcoin.
Of course it makes no sense buying contracts from Genesis Mining if it’s not profitable.
With that ter mind let us analyze the profitability of the different contracts I mentioned under the previous section i.e. SHA-256 and X11.
The factors that make a contract profitable or not are permanently switching. Each coin’s price, network difficulty, and hash rate switch every day. Read our article on mining profitability to learn more.
SHA-256: You can expect payouts of 0.37mBTC vanaf 1TH/s vanaf day and a cost of 0.25 BTC vanaf 1TH/s so expect to break-even after approximately 670 days.
X11: You can expect payouts of 0.027mBTC vanaf 1MH/s vanaf day and a cost of 13.6mBTC vanaf 1MH/s therefore expect to break-even after approximately 500 days.
It is also significant to keep te mind that for lifetime contracts spil long spil they are profitable, a petite maintenance toverfee is deducted.
How is Genesis Mining Different from Other Cloud Mining Providers?
Spil mentioned earlier, Genesis Mining is the largest and most popular cloud mining provider.
Genesis Mining has made mining an effortless and pleasant practice.
For any miner, a significant investment te mining hardware is required. If you cloud mine with Genesis Mining you will not have to go through the hassles of setting up hardware or maintenance of mining equipments.
With Genesis Mining recall you are mining online therefore you will not have to overeenkomst with noisy equipments which produce a lotsbestemming of fever. There are also no mining pool fees.
One factor that truly stands out is the fact that you can determine which coins you want to mine with the purchased hashpower.
This makes it possible for you to split up your total hashpower to different coins.
It is clear that GM aims to provide both the average miner and the big investor. Genesis Mining presently has more than 300,000 members.
There have bot serious concerns of whether Genesis Mining is legit or a scam but after doing research it is fairly clear that it is not a scam, that does not mean Genesis Mining is profitable, but means that Genesis Mining honestly provides the services it offers.
Genesis Mining is fine for cloud miners who want to mine without having to go through the stress of choosing a bitcoin mining pool, hardware, software or setting up a equipment at huis.